NATIONAL NEWS
UN postal agency issues commemorative stamps on International Day of Non-Violence
In commemoration of the International Day of Non-violence, marked on Mahatma Gandhi's birth anniversary, the UN postal agency issued a new collection of stamps featuring artistic interpretation of 'The Knotted Gun', an iconic global sculpture giving the message of peace and non-violence.
- The stamps in the collection feature artistic interpretation of ‘The Knotted Gun,' and have been issued by the UNPA in celebration of the International Day of Non-violence to spread the message of non-violence and the universal desire of a culture of peace, tolerance and understanding.
National Khadi Festival 2018 inaugurated by Union MSME Minister
A month-long National Khadi Festival 2018 to promote Khadi products has been inaugurated on the occasion of Gandhi Jayanti 2018, by Union Minister for Micro Small & Medium Enterprises, Shri Giriraj Singh.
- The fest is being organised by Khadi and Village Industries Commission (KVIC)
Project Utkrisht: Railways to roll out 640 rakes by 2020 for Rs 4-bn
Indian Railways have plans to develop 640 Utkrisht rakes under its project of upgrading the mail/express trains in the next two years at a cost of Rs 400 crore.
- Kalka Mail from Howrah station was the first lot of Utkrisht rakes departed to Delhi. The project has been undertaken as ‘green rakes’(consisting of 20 or 22 coaches) at Eastern Railways’ Liluah workshop and they cost Rs 60 lakh each.
- The unique feature of this Utkrisht Rake is the provision of Swachh Rail Toilet (SRT), which is a hybrid design of the bio-toilet system.
Cabinet approves 50% profit over input cost for rabi crops
The Union Cabinet approved a hike in the minimum support prices (MSPs) for rabi crops for 2018-19.
- Union Minister for Law and Justice Ravi Shankar Prasad stated that hiked MSPs translated to 112.5 per cent more than the cost for wheat. Pegging the cost of production of wheat at Rs 866 per quintal, its MSP for the 2018-19 rabi season would now be Rs 1,840 against Rs 1,735 last year.
- The decision would translate in additional return of Rs 62,635 crore to the farmers by way of increased MSP of notified crops at least 50 per cent return over the cost of production and will aid in doubling farmers’ income.
Centre shifts NIMHR to Sehore from Bhopal
The Union Cabinet chaired by Prime Minister Narendra Modi approved the establishment of National Institute of Mental Health Rehabilitation (NIMHR) in Sehore district instead of earlier approved Bhopal location.
- The NIMHR will be now established in the Sehore district on the Bhopal-Sehore highway in Madhya Pradesh.
- NIMHR will be the first of its kind in the country in the area of mental health rehabilitation.
Indore, Bhopal Metro Rail projects get Cabinet approval
The Union Cabinet approved two Metro rail projects in poll-bound Madhya Pradesh in Indore and Bhopal.
- The Indore project will run along the Ring Line (Bengali Square - Vijay Nagar - Bhawarsala - Airport - Patasia - Bengali Square). The total number of stations on the line are 30.
- The estimated cost of the project is Rs 7,500.80 crore and the project will be completed in four years.
- The Bhopal project comprises two corridors of total length 27.87 Km Karond Circle to AIIMS and Bhadbhada Square to Ratnagiri Tiraha.
- The estimated cost of the project is Rs 6,941.40 crore and the project will be completed in four years.
- A special purpose vehicle, Madhya Pradesh Metro Rail Co Ltd. (MPMRCL), has been constituted to implement both these projects.
Venkaiah Naidu inaugurates 'World Peace' monument
Vice-President M. Venkaiah Naidu inaugurated the world’s largest dome at the Maharashtra Institute of Technology (MIT)’s World Peace University (MIT-WPU) campus at Loni Kalbhor on the 150th birth anniversary of Mahatma Gandhi.
- The ‘World Peace Monument’ dome, took nearly 13 years to be build. At 160 ft. in diameter and 263 ft tall, it is larger in area than the dome at St. Peter’s Basilica in Vatican City.
Sahyog-Hop Tac 2018 kicks off in Chennai
The Indian and Vietnamese Coast Guards will take part in joint exercise Sahyog-Hop Tac 2018 off Chennai to promote interoperability between the two maritime forces.
- A total of three ships including Sagar Manjusha, one helicopter and one Dornier from the Indian Coast Guard and a ship of the Vietnam Coast Guard will take part in the exercise.
IBSAMAR VI: India, Brazil & SA Navies train to build interoperability
With the aim to build interoperability and mutual understanding as well as sharing of best practices, the 6th edition of IBSAMAR, a joint Multi National Maritime Exercise between the Indian, Brazilian and South African Navies, is being held at Simons Town, South Africa from Oct 1-13.
- The first phase of the exercise between October 1 -3 will be in Simon’s town harbour followed by a three day sea phase in and around False Bay in South Africa.
ADB to lend $100 mn for Kolkata's sewerage, drainage
India and Asian Development Bank (ADB) signed $100 million loan agreement to strengthen capacity of Kolkata Municipal Corporation (KMC) for resilient urban services.
- The $100 million loan is the third and final tranche under the $400 million Kolkata Environmental Improvement Investment Program and is aimed at expanding sewerage and drainage coverage and providing sewage treatment in Kolkata.
Manipur declared as 23rd open defecation free state: CM N Biren Singh
Manipur Chief Minister N Biren Singh declared Manipur as the 23rd state to become Open Defecation Free (ODF) in India. It is the 5th state in the North East to get the ODF tag.
- Dr Najma Heptulla, the Governor of Manipur handed over the certificate of ODF Manipur to Singh during the observance of National Cleanliness Day at Gandhi Memorial Hall in Imphal.
- In last 9 months the progress for construction of toilets is outstanding and the state has built more than 60,000 toilets.
IIT-Kharagpur named national coordinator for research scheme
IIT-Kharagpur has been named the national coordinating institute of the Scheme for Promotion of Academic and Research Collaboration (SPARC) of the Ministry of Human Resource Development.
- The programme seeks to improve the research ecosystem of India’s higher educational institutions by promoting academic and research collaboration between Indian institutions and best-in-class faculty and renowned research groups in foreign institutions.
- As many as 28 foreign countries are being targeted in the first phase of the scheme. The partner foreign institutes will be those that hold top QS World University Rankings.
INTERNATIONAL NEWS
Apple world's top brand, Facebook slips to 9th spot: Report
Apple displaced Google to become the top brand in the world in 2018 while Facebook, mired in data breach controversies, fell to ninth place in the top 100 brands globally.
- According to global brand consultancy Interbrand's "Best 100 Global Brands 2018" report, Amazon achieved a 56 per cent growth to become the third top brand globally.
BANKING & FINANCE
Chanda Kochhar quits as MD & CEO of ICICI Bank with immediate effect
Chanda Kochhar quit as CEO of ICICI Bank after her plea for early retirement was accepted by the bank. She is also stepping down from the board of directors of its units, including ICICI Securities where she had sought reappointment as the chairperson.
- Sandeep Bakhshi was named Managing Director and Chief Executive Officer following Kochhar's move.
BUSINESS & ECONOMY
RBI eases overseas borrowing norms for dollar-hungry OMCs
The Reserve Bank of India (RBI) allowed state-owned oil marketing companies (OMCs) to raise external commercial borrowings (ECBs) from lenders under the automatic route. The RBI decision comes on the back of a fast depreciating rupee and rising oil prices.
- The RBI relaxed the norm that requires raising External Commercial Borrowings (ECBs) for working capital purposes from direct and indirect equity holders or from a group company with a minimum average maturity of five years.
- Public sector OMCs, which require huge amount of foreign currency to import crude oil, can now raise ECBs for working capital purposes with a minimum average maturity of three to five years from all lenders under the automatic route.
- The RBI has also waived off the individual limit of $750 million or equivalent, and mandatory hedging requirements as per the ECB framework for borrowings.
Direct Tax collections till Sept up by 16.7%
Gross direct tax collection in the first six months of the financial year grew 16.7 percent to Rs 5.47 lakh crore.
- Refunds amounting to Rs 1.03 lakh crore have been issued during April 2018 to September 2018, which is 30.4 percent higher than refunds issued during the same period in the preceding year.
MobiKwik's 'Boost' to offer instant loan in 90 seconds
MobiKwik announced the launch of its breakthrough product called ‘Boost’, that offers instant loan approval and disbursal to MobiKwik users.
- This is the first-of-its-kind of credit disbursal product, wherein loans of upto Rs 60,000 are sanctioned as well as disbursed in a matter of 90 seconds.
- MobiKwik is the first wallet player to disburse loan amount in the user’s mobile wallet.
- ‘Boost’ offers loans without any hassles of submission of paperwork or collaterals. The loan sanction decision will be taken in 30 seconds, on the basis of an innovative risk scoring model called ‘Mobiscore’, developed by MobiKwik.
- Users can apply for loans ranging from Rs. 5,000 upto Rs 60,000 through MobiKwik app.
Moody's assigns A3 rating to Infosys with stable outlook
Moody's Investors Service assigned an A3 local currency issuer rating to Infosys based on the IT major's "internationally diverse revenue base and strong financial profile". The rating outlook is stable.
- Infosys' A3 rating reflects a "degree of insulation from the domestic economy as well as a level of fundamental strength.
- Moody's noted that Infosys remains exposed to evolving new regulations in key markets, such as changes in immigration laws in the US, that will drive up costs and strain profitability.
SPORTS
Manipur clinch Women's National Football Championship crown
Manipur claimed victory in the final of the 24th Senior Women's National Football Championships, defeating hosts Odisha in the summit clash by a 2-1 margin in Cuttack.
- The result marked the 19th occasion that the state from the northeast of India won the trophy. The final held at the Barabati Stadium in Cuttack, Odisha.
Thangvellu Mariyappan named India's flag-bearer for Asian Para Games
Rio Paralympic gold medallist Thangvellu Mariyappan was named as flag-bearer of the Indian contingent for the 3rd Para Asian Games to be held in Jakarta from October 6-13.
- India will field its biggest ever contingent of 302 members including athletes, coaches, support staff, escorts and officials.
APPOINTMENTS
WFE appoints NSE's Vikram Limaye as Chairman of Working Committee
World Federation of Exchanges (WFE), has appointed NSE's Managing Director and CEO Vikram Limaye as the chairman of its working group committee. His name was announced at the 58th General Assembly and Annual Meeting in Athens, Greece.
- It also admitted six new members taking the total number of full members to 70. The new members are Multi Commodity Exchange of India (MCX), London Stock Exchange Group, Boursa Kuwait, Tunis Stock Exchange, China Securities Depository and Clearing Corporation and Nairobi Securities Exchange.
- Extra info.:
WFE, which is the global industry association for exchanges and clearing houses.
WFE Headquarters: London
Arkady Dvorkovich elected FIDE President
Arkady Dvorkovich, former Deputy Prime Minister of Russia, was crowned as the new King of FIDE, the world body governing chess at the 89th FIDE Congress held at Batumi in Georgia.
- Extra info.:
FIDE Headquarters: Athens, Greece.
AWARDS
South Sudanese surgeon to receive 2018 Nansen Refugee Award
Evan Atar Adaha, a surgeon who runs a remote hospital in South Sudan, received the prestigious 2018 UNHCR Nansen Refugee Award.
- He was chosen for his 20-year commitment to providing medical services to people forced to flee conflict and persecution in Sudan and South Sudan.
Lilima Minz to receive Ekalabya Puraskar, 2018
Hockey player Lilima Minz, who hails from Odisha, has been selected for the prestigious Ekalabya Puraskar, 2018. The annual award, comprising a cash prize of Rs 5 lakh along with a citation, would be presented at the Ekalabya Award function.
- The Ekalabya Puraskar has been instituted by IMPaCT, the social wing of IMFA, which has been promoting literature, sports, the arts, culture and other socially meaningful activities in the state for decades.
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